All of the news flow for oil last was bearish but there’s short squeeze on seemingly and the price took off. As I write, Brent is trading up 4% to $57. See if you can pick a reason why here:
- China’s strategic oil reserve nearly full
- Iran stockpiling oil for big push on deal
- US crude inventory rise smashes expectations
Not much bullish there. There was one positive story out of the USDOT, that cheap gas has triggered a surge in US miles driven which has hit a new all time record (chart from Calculated Risk):
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